Famar, I provided this here before .... keep in mind it does not consider tax implications

I can not believe look would sell for less than 500mil. I do not think it will sell for more than 1.5 bil

At 500 mil that is $3.8 per share for fully diluted total look shares (125,570,287)

51% to ubs is or approx. 250 mil on 103 mil shares a $2.50 stock

so my range is 2.50 to 7.50

and a lok share will be 3.8 - 11.50

my guess is

UBS 6.00

LOOK 9.20

In addition LOOK to me seems to have a better chance of being sold in its entirety ... The spectrum is the most important thing and once that is gone ... I really have no interest in either company. Should UBS continue .... I am lesslikely to hang around .... although I currently do not see any nefarious actions .... it's not the company(s) i like it is the asset.

UBS has some other assets ... but I do not know what value they have and I would have no interest in either company if it were not for the spectrum.

IF LOOK got a cash deal and then issued a dividend, the could benefit from the tax credits andthat would make them better than UBS for that reason as well ...

Orgy